Product research is the process of analyzing and evaluating a product or service before it is launched or marketed to ensure it meets customer needs, stands out from competitors, and has a high chance of success. This process involves gathering data on market trends, customer preferences, pricing, competition, and potential improvements.
Key Aspects of Product Research:
1. Market Analysis – Understanding industry trends, demand, and target audience behavior.
2. Customer Needs & Preferences – Identifying what customers want and how a product can fulfill those needs.
3. Competitive Analysis – Studying similar products in the market to identify gaps and opportunities.
4. Product Feasibility – Evaluating the technical and financial viability of developing and selling the product.
5. Pricing Strategy – Determining the best price point based on production costs, competition, and perceived value.
6. Testing & Feedback – Conducting surveys, prototypes, or beta testing to refine the product before launch.
Effective product research helps businesses minimize risks, improve product quality, and maximize profitability by aligning products with customer expectations.